Posts Tagged: ‘Timothy Kingcade’

A new survey by CreditCards.com reveals that 43% of adults have carried credit card debt for more than two years, and 23% have been carrying debt for five years or longer.

Those most likely to carry credit card debt were older Baby Boomers (age 63-71) at 63%, while the Silent Generation (ages 72+) was at 57%. What was more surprising was that out of the 2,000 some adults surveyed, those with more education were less likely to pay their credit card bill in full every month. Only one in five cardholders with a high school degree or less carry a credit card balance, but one in three college graduates admit carrying one.

Everyday spending, such as grocery shopping and utilities, were the leading contributors to their credit card debt- not luxury purchases. Other reasons included medical bills, home repairs, retail purchases, and vacation expenses.

When it comes to income, Americans earning less are actually more likely to pay off their balances. Only 24% of cardholders who earn less than $50,000 a year carry a credit card balance, compared to 38% of cardholders with an annual salary of more than $50,000.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Consumers are getting some good news when it comes to their credit scores. A new set of rules have taken effect this week that will make it more difficult for medical debt to damage your credit score, it will also not hurt your chances of qualifying for new credit.

The three credit reporting agencies now have to wait 180 days before putting an unpaid medical bill onto your credit report. Going back and forth with your insurance company over an outstanding medical bill? Unpaid medical bills that later get paid by your insurance must be removed from your credit report as well.

This new rule builds additional time between patients and insurance companies to resolve such matters. Up until this point, there was no grace period and medical debt could appear on your credit report as soon as it was reported as an unpaid debt. Medical offices tend to do this on their own schedule, sometimes as early as 30 days, while insurers may take longer to fully process claims.

The new waiting period carves out time for patients, their doctors, and insurers to work through legitimate grievances, and makes it harder for unpaid bills to hurt your credit score. It also allows much-needed time for those suffering from illness and injury to sort out who owes what.

Credit bureaus have taken steps to remove medical bill collections that are less than 180 days old. One out of five credit reports contain overdue medical debt, according to a 2014 report by the Consumer Financial Protection Bureau. That means 43 million Americans have unpaid medical debt negatively affecting their credit.

If you are on a fixed income or struggling financially, letting the medical provider know you are not able to pay will give them a reason to offer you a discount or be placed on a reasonable payment plan. If you cannot pay, tell them why you cannot pay. Some states require hospitals provide free or reduced care to consumers within certain income limits. Florida is one of these states.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

If you are having trouble affording your monthly expenses and are in over your head in debt, you may consider reaching out to a debt settlement company to alleviate some of the burden. The commercials are appealing enough, touting promises of getting your debt negotiated with the lender for a fraction of what you owe.

Here’s how a debt settlement works and some of the risks involved:

The process starts by explaining your financial situation to the debt settlement company. You provide the names of the creditors and the amount you owe. The debt settlement company then gives you an estimate for reducing your debt along with a new lower monthly payment. As advised by the settlement company, you stop paying your creditors and instead send payments directly to the company.

The debt settlement company puts your monthly payments into a savings account. Once the account has grown to a certain amount, the debt settlement company calls your creditors and begins negotiating a settlement. If the creditor agrees to a settlement amount, the settlement company pays the creditor and assesses a fee for the settlement.

Creditors typically do not settle debts until they are a few months past due, which means if you have not already done so you must stop paying on your accounts and allow them to become past due. During this time, late payments will be reported to credit bureaus, your credit score will drop and you will begin receiving collection calls. Late payments will remain on your credit reports for up to seven years and during this time you will have difficulty qualifying for new credit.

Debt settlement companies typically tackle the smallest debts, first which means your larger debts will continue to accumulate interest and additional fees. Add all that interest you are accumulating to the fees and you do not really end up saving much. If you are unable to meet the terms of the debt settlement, ignore the debt or try and repay the debt and ultimately fail you run the risk of being sued.

Many consumers who have researched debt settlement options should also consider Chapter 7 bankruptcy, which erases credit card balances, medical bills, personal loans and other unsecured debts in three to four months. Filing for bankruptcy will impact your credit score more than a debt settlement, but it legally erases the debts and prevents creditors from filing a lawsuit against you.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

According to a new report, state agencies “lumped unnecessary expenses into permitted expenses categories, elevating the risk of fraud, waste, abuse and over-payment throughout the (Hardest Hit Fund) program.”

The Hardest Hit Fund was created in 2010 to assist state housing finance agencies help struggling homeowners facing foreclosure. More than $7.6 billion was designated for low-income homeowners with the Department of Treasury committing an additional $2 billion to the fund last year.

Any expense the state agencies charged to the program were supposed to be essential to easing loan modifications, according to federal guidelines. The investigation and recent report from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), found that the 19 housing finance agencies charged $3 million in wasteful and unnecessary spending.

Some of the charges were relatively small, such as TARP gift cards for housing finance employees, balloons and even a TARP piñata. But other charges were unnecessary and extravagant. Every dollar spent on these items was one less for people desperate to save their homes.

FloridaHousing Finance Corporation. At the same time the Florida agency was billing TARP for gifts and $106,774 in bonuses to employees, it was denying TARP relief to homeowners at record rates, according to the report. The agency apparently processed only half the homeowners with incomes under $30,000 who were potentially eligible for loan modifications.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

It’s no surprise that the amount of student loan debt many Millennials have, has been holding them back from purchasing a home. A National Association of Realtors (NAR) study showed that only 20% of Millennial respondents own a home, while the majority of them carry an average student loan balance of $41,200, which exceeds their average annual income of $38,800.

Among the Millennials surveyed who do not own a home, 83% said that their student loan debt affected their ability to purchase a home.

Eagle Home Mortgage, a mortgage lender and a subsidiary of Lennar, announced this week that it will offer a new mortgage program that will help home buyers pay off their student loan debt. Eagle Home Mortgage’s Student Loan Debt Mortgage Program offers borrowers as much as $13,000 that can be used to pay off student loan debt.

Here are some of the program’s terms and conditions:

Borrowers who use Eagle Home Mortgage’s Student Loan Debt Mortgage Program can direct up to 3% of the purchase price to pay their student loans, but only if they purchase a new home from Lennar.

Borrowers must meet credit and income requirements when using the Student Loan Debt Mortgage Program, and can qualify for loans with down payments as low as 3%.

The program is not intended for parents who took out loans to finance their child’s education.

The program’s maximum loan amount is $424,100, but Lennar said that in addition to the 3% contribution to student loan balances, buyers may also be eligible for other incentives – such as credits toward closing costs.

According to Lennar, the homebuilder will contribute up to 3% of the purchase price of a new home to be used to pay down student loans incurred while attending universities, colleges, community colleges, trade schools and other certificate-granting programs. The Student Loan Debt Mortgage Program is being offered on a trial basis with new Lennar homes nationwide.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.